CHARLOTTE -- First Union Capital Markets Group, a division of Charlotte-based First Union Corp., completed a $100 million equity placement for Merry Land and Investment Co., a real estate investment trust based in Augusta, Ga. First Union, which acted as sole agent, said the deal attracted insurance companies, pension funds, mutual funds, and state investment funds as investors.
Proceeds from the preferred stock sale will be used by Merry Land to finance the purchase of a new apartment portfolio of more than 3,300 units in Florida, Georgia, North Carolina, Tennessee, Virginia, Maryland, and Ohio.
